That was something entirely different. They were using a script to open the bag hundreds of times a second and duplicate items.

You can reset what is inside certain bags by waiting for patch day, or by opening your bags xrealm in different zones (with a mage porting you around). I believe this works for the barrens boxes that contain the brawlers quests...

From what I was told (which may be incorrect), the punishment was due to the fact that the rewards from bags was increased from one patch to the next so players stored up bags in the hopes of taking advantage of the new rewards, and because of them abusing that, they were punished. I haven't seen anything before about the items being duped.

It would be interesting to hear how much gold you have and how much gold you spent on one. For example;

Got mine for 35k had 450k or something similiar, to give us an idea of how crazy/dedicated you are. I personally have about 200k all in all and haven't gambled with this yet. Did buy the X51 on normal bmah though for 80k